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Sprint to MetroPCS: We'll Call You ... Maybe

NEW YORK (
TheStreet) -- Just when it looked like
Sprint Nextel(S) was consigned to being the odd man out when it comes to wireless M&A, there's a report the company is mulling making a counter-bid for
MetroPCS(PCS).

Bloomberg said Thursday Sprint is
in the "early stages" of evaluating whether it should make a run at Dallas-based MetroPCS.

Nothing is official at this point, and both companies could not be immediately reached for comment on this story.

MetroPCS and
T-Mobile USA disclosed the
details of their merger plans on Wednesday. The
combined company would use T-Mobile's branding and have 42.5 million subscribers.

In the wake of a MetroPCS/T-Mobile deal, some wondered where that left
Sprint, as it looks to compete with wireless behemoths such as
Verizon(VZ - Get Report) and
AT&T(T - Get Report).

Citigroup recently added Sprint to its "Most Preferred List," saying investors should think of a pair trade, along with MetroPCS into the end of the year. "[We] believe the core investment thesis for Sprint remains centered around the prospects to restructure its network architecture and improve margins," wrote Citigroup in a note.

Shares of Sprint were down more than 3% at $5.03 following the
Bloomberg report with volume closing in on 60 million. MetroPCS shares, which briefly went positive, were losing 3% as well at $11.86 on volume of nearly 45 million.

Interested in more on Sprint? See TheStreet Ratings' report card for
this stock.